【作者】 王涛；

【导师】 徐来；

【作者基本信息】 西南政法大学 ， 民商法学， 2018， 硕士

【摘要】 本文由引言、正文和结语三部分组成,其中正文又分为总论和分论,第一和第二部分是总论,后面三部分是分论。正文的第一部分阐述了股权众筹的基本原理。在这一部分中,笔者首先匡正了股权众筹“私募”和“公募”的错误区分,指出公募是股权众筹的应有之义,然后论证了股权众筹是初创和小型企业公开发行证券的融资行为,接着分析了投资人和融资人之间的投资关系,以及股权众筹平台与投资人和融资人之间的居间合同关系。在第二部分,笔者重点论证了我国创设股权众筹制度的必要性和可行性,详细分析了股权众筹中投资者面临的经营失败的风险、欺诈风险和股权份额被稀释的风险,提出修改证券法创设小额公募的核准豁免来实现股权众筹与我国现行公开发行制度的衔接,最后考察了我国股权众筹投资者保护立法一穷二白的现状,提出应当坚持效率优先、兼顾公平的原则,从股权众筹平台、发行人和投资人三个方面来设计制度保护投资人。在分论的第一部分,笔者考察了美国的《乔布斯法案》和《众筹规则》是如何通过众筹平台来保护投资人的,并以此为借鉴,从投资者教育、众筹平台对发行人和发行项目的审查、合理利用第三方资金托管、沟通平台的建设以及对众筹平台投资建议的限制等五个方面来设计我国股权众筹平台保护投资者的具体制度。在分论的第二部分,笔者着重讨论了股权众筹融资人的信息披露制度,借鉴了美国关于发行人信息披露的内容和形式,从披露的必要性中看到了一定要进行有意义的披露,从披露的局限性出发,建议今后我国发行人信息披露时要使用格式化披露,同时对特定复杂信息要求强制披露。在分论的第三部分,笔者从投资人自身出发思考如何保护投资人。如果投资人投资失败,那么我们可以借鉴美国的投资限额制度为投资人止损;如果初创公司成功了,我们要提供合同条款安排和法律法规的强制性规定,以避免投资人的股权份额因后续投资人的加入而稀释。更多还原

【Abstract】 This dissertation consists of three parts: The introduction,the main body,and the conclusion,and the main body is further divided into the general theory,the first and the second chapter,and the specific provisions,the following three chapters.The first chapter of the main body describes the fundamental principles of investor protection in equity crowdfunding.In this chapter,the author first corrects the wrongful dichotomy of public offering and private placement of equity crowdfunding,and points out that public offering is inherent in the concept of equity crowdfunding,then proves the nature of equity crowdfunding to be the financing behavior of startup and small businesses to publicly offer securities,and analyzes the investment relationship between investors and issuers,and the brokerage relationship between the crowdfunding platforms and issuers as well as investors.The second chapter discusses the necessity and feasibility of creating equity crowdfunding in China,analyzes in detail the three main risks equity crowdfunding investors face: the risk of business failure,the risk of fraud,and the risk of equity shares being diluted in the future,and proposes to amend the Securities Act of China to exempt certain small public offerings from approval,allowing equity crowdfunding to fit in with the current Chinese public offering system.Also in the second chapter,the author observes the “poor and blank” status quo of the investor protection legislation regarding equity crowdfunding in China,and proposes that under the principle of “benefits preferred and fairness concurred,” measures to protect equity crowdfunding investors can be designed from three aspects: the crowdfunding platforms,the issuers,and the investors.The first chapter of the specific provisions observes how the JOBS Act and the Regulation Crowdfunding require crowdfunding platforms to protect investors,and learning from the US,the author suggests that China design specific systems of protecting investors by crowdfunding platforms from the following five aspects: investor education,crowdfunding platforms’ check of issuers and crowdfunding projects,the proper use of third party funds escrow accounts,the construction of communication channels,and the restriction of crowdfunding platforms from providing investment advice.In the second chapter of the specific provisions,the author emphasizes the information disclosure by equity crowdfunding issuers.Learning from the disclosure contents and methods of the US,by realizing the necessity of disclosure,we must require meaningful disclosures by the issuers;from the limitations of disclosure,the author suggests that China mandate standardized disclosures and disclosures of limited complex information.In the third chapter of the specific provisions,the author thinks about how to protect investors from the respect of investors themselves.If investors meet business failure,then we may learn from the annual aggregate limits on individual investor contributions in the US to stop investors’ loss;if the startup businesses succeed,we should provide contract provision arrangement and mandatory provisions to protect investors’ equity shares from being diluted by investors in the following financing rounds.更多还原